Brean Murray Carret Raises Price Target on Medtronic, Inc. (MDT) While Looking Long-Term
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Price: $91.27 +0.76%
Rating Summary:
25 Buy, 18 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
25 Buy, 18 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Brean Murray Carret & Co. is reaffirming its Buy rating on shares of Medtronic, Inc. (NYSE: MDT) and is raising its price target from $42 to $47 despite disappointing Q3 results.
The firm notes there is low anticipation for much growth in Q4, while it forecasts 4 percent sales growth in FY13 and 8 percent earnings growth. The strong growth will be driven by high single digit revenue growth in its key business areas, double digit growth in emerging markets and slightly in part due to easing comparisons.
The firm estimates Q4 earnings will total $1 and has lowered its FY12 estimate from $3.47 to $3.45. Brean Murray Carret also reduced its FY13 estimate from $3.80 to $3.73.
For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.
Shares of Medtronic, Inc. closed at $38.99 yesterday.
The firm notes there is low anticipation for much growth in Q4, while it forecasts 4 percent sales growth in FY13 and 8 percent earnings growth. The strong growth will be driven by high single digit revenue growth in its key business areas, double digit growth in emerging markets and slightly in part due to easing comparisons.
The firm estimates Q4 earnings will total $1 and has lowered its FY12 estimate from $3.47 to $3.45. Brean Murray Carret also reduced its FY13 estimate from $3.80 to $3.73.
For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.
Shares of Medtronic, Inc. closed at $38.99 yesterday.
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